Categories Finance

National Australia Bank CEO, chairman to resign on misconduct inquiry

On Thursday, National Australia Bank (ASX: NAB) announced the decisions of Chief Executive Officer Andrew Thorburn and Chairman Dr Ken Henry to leave the bank.

CEO Thorburn is expected to leave on Feb. 28, while Chairman Henry would retire from the board after a new CEO is named.

NAB Director Philip Chronican would be acting as the acting CEO from March 1.

Thorburn said, “I have had a number of conversations with the Chairman this week. I acknowledge that the bank has sustained damage as a result of its past practices and comments in the Royal Commission’s final report about them.”

“As CEO, I understand accountability. I have always sought to act in the best interests of the bank and customers and I know that I have always acted with integrity. However, I recognize there is a desire for change. As a result, I spoke with the Board and offered to step down as CEO, and they have accepted my offer,” he added.

NAB is one of Australia’s “big four” banks, and it has been hit by a Royal Commission inquiry that alleged financial wrongdoing in the industry last year.

The commission’s report was out of Monday and it named the two outgoing executives in regards to the inquiry.

National Australia Bank had halted the trading on the ASX before the official announcement.

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top